Where To Buy Algorand – Learn How To Buy Algorand For Beginners in 2023

Kane Pepi

Last Updated: 29, November 2023

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Founded by Silvio Micali, Algorand is designed to offer improved efficiency in the cryptocurrency industry. The protocol seeks to ensure that transactions are both fast and cost-effective, making the network highly appealing to developers and consumers alike.

With its notable use cases, you might be interested in buying the Algorand token. In that case, this How to Buy Algorand Guide will provide you with all the details you need to complete your investment in safety.

#1 Broker to Buy Algorand – Coinbase

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Where To Buy Algorand – Overview of the 5 Best Brokers

You might find the Algorand project appealing and consequently want to add the token to your portfolio. For this purpose, all you have to do is to choose a suitable broker that supports the coin.

To help point you in the right direction, below we have provided the top 5 brokers you can utilize to buy Algorand.

1. XTB – Overall Best Broker to Buy Algorand
2. Coinbase – Secure Broker to Buy Algorand
3. Binance – Crypto Exchange to Buy Algorand and 100+ Other Assets
4. Capital.com – Buy Algorand CFDs at 0% Commission
5. Kraken – Great Place to Buy Algorand for Pro Investors

How to Buy Algorand – A Quick Guide for 2023

With a brief walkthrough, you can learn how to buy Algorand within a couple of minutes. In this section, we will take you through this process using XTB, a low-cost and heavily regulated broker used by over 20 million crypto investors.

• Step 1: Create an Account – On the XTB website, you’ll see the ‘Join Now’ button, which is where you’ll initiate your account registration. Fill in all required details and move on to the next step.
• Step 2: Upload ID – XTB is licensed by SEC and other reputable regulators. Consequently, you have to upload a valid ID to buy Algorand through this broker.
• Step 3: Add Funds – Deposit a minimum of $200 ($50 for US clients) into your account to proceed. After meeting the minimum deposit, the broker will then allow you to buy ALGO tokens.
• Step 4: Search for Algorand – Input the token’s name into the search box and the coin will be displayed. Select ‘Algorand’ to activate the next step.
• Step 5: Buy Algorand – After selecting the ALGO token, you’ll be taken to the order page. Here, you’ll input your stake. The minimum amount with which you can buy Algorand is $50. Once you’ve entered your desired amount, open your Algorand trade and the broker will add the purchased tokens to your portfolio.

Put simply, you’ll have Algorand in your portfolio in under 5 minutes if you follow the above steps like-for-like!

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

Where To Buy Algorand – Full Broker Reviews

When you decide to buy Algorand, the first issue you’ll have to contend with is how to select the right broker. This is because the cryptocurrency industry has many platforms that list Algorand. Consequently, choosing the most suitable one can be challenging, especially for beginners.

The ALGO platforms below have been assessed based on crucial metrics surrounding safety, fees, payments, and more. After reading this section, you can choose the platform that offers the services you find most suitable for buying Algorand.

1. Webull – Great Place to Buy Algorand

Despite being the youngest platform on our list, founded in 2017, Webull has managed to accumulate an impressive 11 million users. This success has been achieved by offering users a top-of-the-line trading experience and tonnes of useful features. 

Security & Privacy

As I’m sure you’re aware after reading the previous two reviews, security is at the core of brokerage. Lacklustre security results in hackers, which results in lost customers; not an ideal situation for anybody. Webull boasts a solid security system, they have SIPC insurance for securities up to $500,000 and cash balances up to $250,000 meaning if they were to get hacked, no customers would be left out of pocket. They also use AES-256 encryption to obscure data before it leaves your device, rendering it useless in the hands of hackers. Additionally, Webull has implemented a piece of technology called Plaid which allows users to securely log onto their bank. 

Features

Webull offers users an excellent and convenient trading system. Part of this convenience comes from their extended trading hours, you can trade between the hours of 4 am and 8 pm. Meaning if you have an unusual schedule, you can still buy Algorand at your convenience, something not offered by every broker. If you haven’t got the most trading experience then you can use a Webull practice account to sharpen your skills without risking real money. On top of this, Webull allows users to earn a random stock for completing basic account actions. The promotion changes monthly buy stocks can be earned by depositing funds, referring friends, and transferring stocks from another brokerage. The only drawback to the platform is a lack of a real-time support system, resulting in uses needing to use email-based support. Overall, there’s a reason Webull has managed to grow so quickly, they offer heaps of advanced features and an excellent trading experience. 

Webull Fees

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

2. Coinbase – Secure Broker to Buy Algorand Online

Our research team found Coinbase to be one of the best brokers in terms of security protocols for users’ funds. One of the main ways the broker ensures adequate protection is by storing 98% of digital assets offline. This is in addition to a two-step verification process that all users have to complete before gaining access to their accounts. Considering that security is a key metric when assessing a broker, Coinbase stands out as one of the best places to buy ALGO tokens.

In terms of tools, Coinbase has a ‘recurring buy’ feature through which you can automatically purchase ALGO tokens on a regular basis. In addition, the broker is known for its simple user interface, which is a great feature that many beginners consider when assessing investment platforms. This is because, within five minutes, you can buy ALGO tokens on the platform. All you have to do is to sign up, add funds to your account, and place your order.

However, a notable concern with this broker has to do with the platform’s fee structure. Coinbase charges a standard trading commission of 1.49%. If you’re buying Algorand with your debit/credit card, the entire cost you’ll incur jumps to 3.99%. Therefore, even though Coinbase is an easy-to-use platform and super secure, you’ll want to consider these fees before deciding on whether to proceed or otherwise.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

3. Binance – Crypto Exchange to Buy Algorand and 100+ Other Assets

If you want a cryptocurrency exchange with numerous markets in which you can invest, Binance perfectly fits the bill. When you elect to buy Algorand via this platform, you also gain access to over 100 alternative cryptocurrency markets. However, it’s crucial to mention that the number of markets you can access on this platform is dependent on your location. US citizens, for instance, only have access to 50+ markets.

Furthermore, Binance offers you an avenue to make passive income from your crypto tokens. Here, you can utilize Binance Earn – which allows your tokens to work for you by lending them for interest, staking the coins, or any other means offered by the platform. These are the top features that many investors consider when choosing where to buy their tokens – since passive income is a great perk of the cryptocurrency industry. Notably, Binance also allows you to store your tokens on the platform itself, making it convenient to use as a newbie.

However, when you buy Algorand on Binance, you have to do so by first exchanging another cryptocurrency token for the ALGO coin. On Binance, the Algorand markets you have include ALGO/USDT, ALGO/BTC, ALGO/BNB, and more. Meaning, you’ll need to first buy any of these other tokens and then exchange the purchased coins for Algorand. In terms of fees, you should note that you can incur up to 4% on debit/credit transactions when using this platform to buy Algorand — based on your region. US clients, however, pay just 0.5%.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

4. Kraken – Great Place to Buy Algorand for Advanced Investors

As a platform with no hidden fees, Kraken is one of the best places to buy Algorand. You can choose to buy the token directly by using your debit/credit card or you can elect to exchange another coin for Algorand. Concerning the latter, the markets provided by Kraken include ALGO/BTC and ALGO/USDT. Notably, however, Kraken will charge a 3.75% fee when you elect to buy Algorand with your debit or credit card.

Nonetheless, the platform allows you to margin trade with up to 5x leverage. Margin trading is common among pro traders who leverage this feature to make substantial earnings in the market. Therefore, if you’ve garnered some experience in the cryptocurrency industry, you can decide to engage in margin trading. However, you should note that this form of trading is equally high-risk, meaning you can lose money very quickly.

In terms of challenges, the first notable drawback with Kraken is that you cannot store your Algorand tokens on the platform securely. This makes it strenuous to sell your coins since you’ll have to move the tokens back to the platform to cash out your investment. Additionally, a 3.75% fee is high when compared against the fee structure of other platforms.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

5. Crypto.com – Reputable Platform to Buy Algorand

Crypto.com is a crypto exchange with 5 million users worldwide and provides access to a market of 90+ cryptos including Algorand. It also offers its own Visa card which you can use to spend crypto holdings – although this works best if you hold Crypto.com’s own coin CRO. What’s more, you can earn financial interest on your crypto holdings – with Crypto.com loaning them out to other investors.

Pros

Cons 

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

6. OkCoin– Good Platform to Buy Algorand with Technical Analysis

OkCoin is not a regulated exchange, but it does come with a solid reputation among its users and the crypto community. Some of the security features implemented include cold storage for most cryptocurrencies, SSL security encryption (just like banks), and real-time account monitoring.

OkCoin is built mostly for experienced traders, but beginners may easily learn their way around, too. With a few select digital assets available, the trading platform is web-based and comes with advanced charting tools, analysis features, and multiple technical indicators.

Based on how far you are willing to go with your verification process, OkCoin comes with different account types. The first level allows you to deposit $2,000 per day, but you cannot withdraw any cash; for this, you need to provide your name, birthdate, nationality, government-issued ID number, and address. The next level requires an actual photo of your government-issued ID and proof of address (for instance, a utility bill), and allows you to deposit and withdraw up to $50,000.

OkCoin also has a maker-taker cost structure, but the maker fees are zero. The taker fees depend on several factors, ranging from 0.20% to 0.10% and they decrease based on your trading volume. If you trade futures, you also need to cover a 0.3% fee per open position.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

7. Bitstamp – Long-Established Platform to Buy Algorand

Bitstamp is a crypto exchange founded in 2011 that has a team of around 400+ providing customers with smooth and reliable trading services. Running for so many years, Bitstamp has become one of the most trusted cryptocurrency exchanges globally and provides traders with secure and efficient solutions. It also offers advanced trading tools for professional access and round-the-clock premium support to ensure all traders can contact Bitstamp worldwide by email or phone.

Pros

Cons 

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

8. Gate.io – Secure Platform to Buy Algorand

Gate.io is a diverse crypto exchange that focuses on safe and hassle-free trading. Founded in 2013, Gate.io has provided customers with solid trading solutions and now also provides copytrading services. Ensuring security, stability and efficiency for all traders on the platform is Gate.io’s top priority when it comes to crypto-trading. With over 1000 cryptocurrencies available, futures trading and even giveaways, Gate.io is a great platform to trade crypto.

Pros

Cons 

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

How to Buy Algorand – Detailed and Explained in Full

We have explained the relevant factors to consider when choosing a platform to buy Algorand. We have also examined the brokers that meet these various requirements. Now, the next thing to do is to further show you how to buy Algorand through a more detailed walkthrough.

Following our analysis of various platforms, XTB is the best place to buy ALGO tokens, not least because of its heavy regulation alongside its low-fee structure. Therefore, the steps discussed below are explained using XTB.

Step 1: Create an Account

The steps involved in creating an XTB account are simple. Once you’re on the broker’s website, sign up to open an account and provide the relevant details. Some of the required details include your name, date of birth, and nationality.

Additionally, XTB is a broker that seeks to customize the investment experience for every user. Therefore, the broker will require you to answer certain questions on your experience in terms of risk appetite and financial goals.

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

Step 2: Provide ID

You have to verify your identity before you can fully utilize the features on XTB. Therefore, you’ll have to provide valid identification documents to complete this process. You’ll first need a valid ID, which can be your passport or driver’s license. Secondly, you’ll need to provide proof of residency. Here, you can use a utility bill or bank account statement, for example.

Step 3: Deposit Funds

The minimum deposit to make on XTB is $200 ($50 for US clients). You have various payment options to utilize for this purpose. Some of them include debit/credit cards, Paypal, ACH (US), and more.

After making this deposit, you can proceed to buy ALGO tokens from just $50.

Step 4: Search for Algorand

Find the search box on the homepage and input ‘Algorand’. This will present you with a result tab like in the image below.

From the result displayed, choose Algorand by clicking ‘Trade.’

Step 5: Buy Algorand

After completing step 4, you’ll be taken to the order page. Here’s where you complete the Algorand purchase process.

On this page, you’ll have to enter an amount into the order box. The broker will purchase the equivalent number of ALGO tokens to the stake you entered. All you have to do is to click ‘Open Trade’ for the broker to execute the purchase.

Buy Algorand – Best Place to Buy Algorand

There are hundreds of investment platforms in the cryptocurrency industry. You can choose to buy Algorand from any of these platforms that list the token. However, while these platforms are plentiful, they can essentially be categorized into two types of providers — cryptocurrency brokers and exchanges.

It’s crucial to examine these two ways to buy Algorand since these platforms have significant differences. This section will answer all your questions in this regard.

Online Cryptocurrency Broker

A cryptocurrency broker stores digital tokens in huge volumes and allows you to buy Algorand directly. In most cases, investors choose brokers because these platforms are highly credible.

• Brokers are often regulated by reputable financial institutions. This provides you with a reasonable level of security when utilizing such a platform.
• Additionally, these brokers make it easy and swift to buy Algorand since you’re purchasing the token from the platform itself.
• Furthermore, since these brokers are regulated, they are mandated to operate with complete transparency. XTB, for instance, is regulated by four financial bodies – including the SEC.

Another important thing to note is that you can use your debit/credit card on regulated brokers – since the platforms are adequately recognized by the relevant bodies. This is a great perk because using your debit/credit card is a swift way to add funds to your account and thus – buy Algorand instantly.

Cryptocurrency Exchange

On the other hand, cryptocurrency exchanges often operate in a different manner as opposed to brokers. While you can buy Algorand directly on regulated brokers, you’ll likely have to purchase the tokens from another trader when using a crypto exchange. This creates the challenge of assessing different prices before determining the most suitable option.

• Nonetheless, many investors tend to consider these exchanges because some of these platforms have low fees.
• Furthermore, these exchanges often offer high liquidity levels. This is in addition to listing hundreds of markets.
• Additionally, since these exchanges are mostly unregulated, you can complete the Algorand investment process anonymously.

These features make cryptocurrency exchanges appealing to some investors. However, you should consider some other key factors when making a choice.

One main factor to consider is the security of your funds. You’re more likely to get this from legitimate brokers as opposed to cryptocurrency exchanges that don’t have the approval of reputable financial institutions.

Ways to Buy Algorand

You can buy Algorand using different payment methods. The one you eventually choose will be based on your personal preferences.

Buy Algorand With Debit Card

Using a debit card to buy Algorand is a fast payment option that many investors elect to use. When you use this payment method on XTB, the broker will charge you just 0.5% (free for US investors). However, when you use the same payment option on Kraken, you’ll incur a 3.75% fee.

Buy Algorand With Debit Card Now

Buy Algorand With Credit Card

You can also choose to use your credit card to buy Algorand. This works in the same manner with the debit card option. However, you should check with your credit card provider to determine if there are any fees you should know about. Once again, when you use this payment option on XTB, you’ll incur a 0.5% fee — and nothing you’re from the US.

Buy Algorand With Credit Card Now

Buy Algorand With Paypal

If the broker you’ve chosen supports e-wallets, chances are that Paypal will be one of the listed options. This is the case with XTB, where you can buy Algorand using Paypal. Other options include Neteller, Skrill, and more.

Buy Algorand With Paypal Now

Buy Algorand With Bitcoin

For cryptocurrency exchanges with different markets for Algorand, you’ll likely find Bitcoin as one of the supported options. Meaning, you’ll be able to swap Bitcoin for Algorand. In that case, you’ll first have to buy Bitcoin or transfer the token over from a private wallet, then proceed to exchange the coin for Algorand.

Buy Algorand Now

Why Buy Algorand

As a smart investor, you must consider whether Algorand is the right fit for your cryptocurrency portfolio. Answering this question is not as straightforward as online predictions might make it appear.

Therefore, the most effective way to know the answer is by researching the project. When you do this, you’ll gain more insights into the token and this will guide you through the process of deciding on whether to buy Algorand or otherwise.

Fast Transactions

Algorand was designed to address the issue of slow transaction speeds that characterizes Bitcoin. The protocol seeks to provide improved efficiency while ensuring that services remain low-cost.

This is a significant gap in the cryptocurrency industry. By attempting to bridge this gap, Algorand has established its presence in the blockchain space. This is a notable use case that can impact the token’s value in the market.

Low Entry Point

When a token has a low price in the market, this can make the project appealing to investors. After all, buying such a token will likely offer you a much larger number of coins than you would get with other projects in this space – such as Ethereum. For instance, Algorand’s price at the time of writing in early October 2021 is about $2.

In comparison to tokens such as Ethereum – which is selling for over $3,400 (at the time of writing in early October 2021), this is a low price. Meaning, if you buy $200 worth of Algorand, you’ll receive just over 100 ALGO tokens. On the other hand, investing the same amount into Ethereum will only give you 0.058 ETH.

Community Support

Algorand is a notable network that involves users in multiple phases of decision-making.

• Token holders can participate in all the significant aspects of the network, including monetary and technical.
• Furthermore, Algorand selects block verifiers at random, meaning any token holder can be chosen.
• This feature — and many others — contribute to the active community behind the protocol.

If you’re looking to buy Algorand, this is a factor worthy of consideration since a token’s community can drive the coin’s long-term growth.

Pure Proof-of-Stake (PPoS)

Participation is a key feature of truly decentralized networks. In this regard, Algorand adopts the Pure Proof-of-Stake structure, which allows all users to contribute to issues affecting the network.

With this PPoS structure, users can participate in the network’s development without locking their tokens as opposed to its Bonded Proof-of-Stake counterpart. This feature is yet another important factor that adds to Algorand’s credibility in the market.

The Cost of Buying Algorand

It’s only right to be curious about the cost of buying Algorand. After all, since you’re buying the token to make a profit, you’ll want to understand if there’s anything that might adversely affect that.

Here, we suggest that you choose a low-cost platform to buy Algorand. Nonetheless, here are the fees and commissions you should note.

Fees for Deposits

Most investment platforms will require that you add a certain amount to your account before you can buy Algorand.

• For instance, XTB’s minimum deposit requirement is $200. If you’re a US client, the amount is reduced to $50.
• However, the notable difference across various platforms arises in terms of the fees charged for making this deposit.
• For example, while XTB will charge you 0.5% for adding funds (free for US clients), Coinbase’s fee for this service is 3.99% when using your debit/credit card.

Clearly, XTB offers low-cost services in this regard.

Instant Buy

This essentially means purchased coins instantly by using your debit/credit card. Numerous platforms have this feature. Coinmama fits the bill here. However, when you use your debit/credit card on this platform, you’ll be charged 5% of the purchase amount.

Commissions

Depending on the platform you choose, your commissions can be fixed or based on your transaction amount. However, on some brokers, you might not have to pay commissions at all.

• When you use XTB, you only pay the spread as opposed to variable commissions. For this broker, the spread starts at 0.75%.
• On the flip side, Coinmama has a standard trading commission of 3.81%. In a similar manner, you’ll incur a 1.49% commission when using Coinbase to buy Algorand.

From the above, it’s clear that XTB stands out since you won’t incur trading commissions.

How to Sell Algorand

When you buy Algorand, your ultimate goal will be to sell the tokens at some point in the future so that you can make a profit. Selling your tokens should not be a difficult process, which is why it’s worth using an easy-to-use broker such as XTB.

This broker stores your ALGO tokens on the platform itself, making it convenient to sell them once you’re ready. All you need to do is to initiate the ‘Sell’ process from your portfolio.

How & Where to Buy Algorand – Conclusion

In this guide, we have explained to you the process of how to buy Algorand online. We have also highlighted the importance of choosing the right broker so that you can invest in a safe and low-cost manner.

From our assessment of many platforms in this space, XTB is a top pick when it comes to the best place to buy Algorand. The broker enjoys heavy regulation and also provides a low-cost service. If you want a broker that allows you to buy, store, and sell ALGO tokens all in one platform, XTB ticks all of the right boxes.

XTB – Best Broker to Buy Algorand

Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.

FAQ

How to buy Algorand?

Your utmost concern should be how to buy Algorand in a secure and low-cost manner. Here, XTB is a suitable choice — as the broker is authorized by multiple regulators including the SEC. Additionally, the broker is a spread-only platform that only charges a 0.5% fee (free for US clients) for making deposits with a debit/credit card or e-wallet.   

Where to buy Algorand

You can buy Algorand with any of the numerous investment platforms in the cryptocurrency industry. However, if you are considering security, ease-of-use, and many other relevant factors, choose a broker like XTB. The platform is regulated by four reputable financial bodies. The broker also provides investment tools that make it super convenient to buy Algorand!

Is Algorand a good investment?

Algorand is a notable network that seeks to facilitate fast transaction speeds. This, among other use cases, continues to draw more attention to the token. However, when assessing a project to determine its viability for investment purposes, you must do more research. Evaluate Algorand’s historical data to further understand the project and its future market performance.     

Is Algorand safe to invest in?

The cryptocurrency market is characterized by inherent risks that are unavoidable. This includes the constant price fluctuations of ALGO tokens. Therefore, when choosing a broker, consider regulated platforms to minimize your overall risk exposure. Otherwise, choosing a cryptocurrency exchange will further aggravate your exposure to risk — since these platforms do not enjoy the recognition of national regulators.   

How to sell Algorand?

Choose a broker like XTB that offers a personal wallet service to make this process easy. In doing so, then you can sell your tokens from within your portfolio. Once you create the sell order, XTB will do the rest.

About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.

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